Nautical jumps on latest Kraken update

SHARES in North Sea energy firm Nautical Petroleum were up more than 15% yesterday after the company made an “excellent start” to appraisal activity at its Kraken field.

The company said a pilot well had exceeded its expectations and had a thicker net oil pay than anticipated. It added that it did not come into contact with water during the drilling operation.

Earlier this month, Alternative Investment Market-listed Nautical said Kraken could hold up to 311million barrels of recoverable oil.

Nautical operates the field, with a 50% interest, while Celtic Oil holds a 30% stake and Canamens Energy North Sea has the remaining 20%. Nautical shares closed 36.5p higher at 275p.